The program also emphasizes the importance of
participants including pension information in their overall
retirement planning.

“In this era of record-low unemployment, companies are
working harder and harder to attract and retain
talent. One way is to offer more benefits, such as
stock options, retirement plans, generous health plans and
the like. Another way is to increase the visibility
and understanding level of existing benefits, like pension
plans,” said Susan Schochet, director of conversions and
communications at NYLB.

Traditionally, pension communications to participants
have been limited.

Pension plans are often harder to comprehend since
employees rarely interact with the accounts, and do not
direct the investments as they do with many 401(k)
plans.